HomeMy WebLinkAboutMINUTES - 06152010 - C.44RECOMMENDATION(S):
APPROVE and AUTHORIZE the County Administrator, or designee, to execute a contract
extension with Orrick, Herrington & Sutcliffe LLP to extend the contract term from June
30, 2010 to June 30, 2011 for tax and bond counsel services.
FISCAL IMPACT:
There is no change to the Contract Payment Limit of $500,000. The cost of tax and bond
counsel services is covered in the cost of issuance included in each bond issue. Fees are
negotiated for each borrowing transaction based upon the size and complexity of the
transaction. Other special bond related projects are billed on an hourly basis and charged to
occupants of the property for which the bond was issued.
BACKGROUND:
In May of 2008, the County issued a Request for Proposals (RFP) for Tax and Bond
Counsel Services and Orrick, Herrington & Sutcliffe LLP was selected to serve in this role.
The RFP stated that the contract term would be for two years with the option of a third. The
County wishes to exercise the option of a third year which requires this contract extension.
APPROVE OTHER
RECOMMENDATION OF CNTY
ADMINISTRATOR
RECOMMENDATION OF BOARD
COMMITTEE
Action of Board On: 06/15/2010 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
Contact: Danielle
Fokkema, 925-335-1039
I hereby certify that this is a true and correct copy of an action taken and entered
on the minutes of the Board of Supervisors on the date shown.
ATTESTED: June 15, 2010
David J. Twa, County Administrator and Clerk of the Board of
Supervisors
By: , Deputy
cc:
C.44
To:Board of Supervisors
From:David Twa, County Administrator
Date:June 15, 2010
Contra
Costa
County
Subject:Tax and Bond Counsel Contract Extension
BACKGROUND: (CONT'D)
The County anticipates issuing bonds during this time period. In addition to assistance with
bonds, the services of Orrick, Herrington & Sutcliffe LLP are needed on an occasional basis
to prepare presentations to rating agencies. It is important to retain a firm with these
particular skills to ensure that the County is in the best possible position for both bond
issues and staying updated on advantageous market trends and related legal issues.
Orrick, Herrington & Sutcliffe LLP has worked with the County for over two decades in the
issuance and sale of the County’s annual tax and revenue anticipation notes, periodic lease
revenue bond issues and its pension obligation bonds. The staff assigned is extremely
familiar with the County and is able to prepare the required legal and rating agency
documents related to these issues with a minimum of time and cost. They are also familiar
with the County’s outstanding bonds and have proven to be an invaluable resource to staff
responsible for the ongoing management of the County’s debt.